UP Govt Aims To Integrate AI In Farming, Bolster Agritech Startups

Share via:


SUMMARY

The state government plans to host farming summit, ‘Krishi Bharat’, in November to spur investments in local agritech startups

Agriculture industry stakeholders are keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture, said JK Cements’ CEO

As per a report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025

The Uttar Pradesh government has reportedly joined forces with the stakeholders of the local agriculture industry to bolster agritech startups and integrate artificial intelligence (AI) into farming practices. 

As part of this initiative, the state government also plans to host a global farming summit, ‘Krishi Bharat’, in November this year in partnership with the Confederation of Indian Industry (CII), Business Standard reported. 

The event will bring local agritech startups and global venture capitalists under one roof with an eye on spurring investments in the domestic agriculture value chain, CII Krishi Bharat 2024’s chairman Tarun Sawhney told the publication. 

CII northern region’s chairman and JK Cements CEO Madhav Singhania said that the industry is keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture.

As per the report, the summit will see participation from delegates from countries such as the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia and Kenya. The state plans to organise the event on the lines of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event brought in investment proposals to the tune of INR 40 Lakh Cr.

Despite being the country’s leading agricultural producer, the state lags behind in terms of crop yield and lacks optimal food processing. This, in turn, leads to lower farm incomes. The state government now seems to be looking at introducing technology and smart farming practices to increase yield and empower small-scale farmers.

Accounting for nearly 19% of the country’s GDP, the agriculture sector continues to be plagued by archaic farming practices and lower output. However, agritech startups are looking to change this by leveraging technology.

A number of startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged over the past few years in the country to solve the woes of the agricultural sector. These startups managed to secure over $2.4 Bn in funding between 2014 and February 2024, as per Inc42 data.

As per an EY report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

UP Govt Aims To Integrate AI In Farming, Bolster Agritech Startups


SUMMARY

The state government plans to host farming summit, ‘Krishi Bharat’, in November to spur investments in local agritech startups

Agriculture industry stakeholders are keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture, said JK Cements’ CEO

As per a report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025

The Uttar Pradesh government has reportedly joined forces with the stakeholders of the local agriculture industry to bolster agritech startups and integrate artificial intelligence (AI) into farming practices. 

As part of this initiative, the state government also plans to host a global farming summit, ‘Krishi Bharat’, in November this year in partnership with the Confederation of Indian Industry (CII), Business Standard reported. 

The event will bring local agritech startups and global venture capitalists under one roof with an eye on spurring investments in the domestic agriculture value chain, CII Krishi Bharat 2024’s chairman Tarun Sawhney told the publication. 

CII northern region’s chairman and JK Cements CEO Madhav Singhania said that the industry is keen on resolving policy issues in consultation with the government and upgrading the technology quotient in agriculture.

As per the report, the summit will see participation from delegates from countries such as the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia and Kenya. The state plans to organise the event on the lines of its flagship ‘UP Global Investors Summit’. For context, the February 2023 edition of the event brought in investment proposals to the tune of INR 40 Lakh Cr.

Despite being the country’s leading agricultural producer, the state lags behind in terms of crop yield and lacks optimal food processing. This, in turn, leads to lower farm incomes. The state government now seems to be looking at introducing technology and smart farming practices to increase yield and empower small-scale farmers.

Accounting for nearly 19% of the country’s GDP, the agriculture sector continues to be plagued by archaic farming practices and lower output. However, agritech startups are looking to change this by leveraging technology.

A number of startups, including DeHaat, Gramophone, Ninjacart, and Waycool, have emerged over the past few years in the country to solve the woes of the agricultural sector. These startups managed to secure over $2.4 Bn in funding between 2014 and February 2024, as per Inc42 data.

As per an EY report, India’s agritech startups are looking at a total market opportunity of $24 Bn by 2025. 





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Ahead Of IPO, Swiggy Bags INR 5,085 Cr From...

SUMMARY The startup allotted 13.03 Cr shares to 75...

Symbiotic Security helps developers find bugs as they code

Symbiotic Security, which is announcing a $3 million...

PB Fintech Posts Fourth Profitable Quarter In A Row,...

SUMMARY PB Fintech reported a consolidated net profit of...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!